However the research by Euromonitor international also showed that Regional and Domestic/Local brands continued to perform strongly, despite the financial crisis.
“The key region for spirits consumption is still Asia-Pacific,” reports Jeremy Cunnington, Euromonitor’s senior alcoholic drinks analyst, in the Millionaires Club supplement published in June. “In 2008 the Asia-Pacific region accounted for just under 50% of total spirits consumption. Next biggest was Latin America, with 17% of volumes, then eastern Europe with just over 10%.”
Cunnington adds that brands selling large volumes in the US, UK, Ireland and Spain have suffered most, with those markets being in recession the longest.
But on the plus side, he also points out that history shows spirits brands recovering quickly following sharp falls during economic downturns. Cunnington cites the regional crises in Asia-Pacifc in 1998 and in Latin America in 2002, after which spirits volumes recovered within two years.
For full details, click on the Millionaires 2009 link on the Drinks International homepage, or to see the full range of services offered by Euromonitor International go to euromonitor.com